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Maryland firm buys Tesla sales and service center for $26.25 million

A Tesla facility sells, a property is flipped, and a build-to-rent deal is done top the week's commercial real estate news.


  • By Louis Llovio
  • | 10:00 a.m. May 14, 2023
  • | 2 Free Articles Remaining!
Construction of the Pinellas County Tesla facility wrapped up in December. (Courtesy photo)
Construction of the Pinellas County Tesla facility wrapped up in December. (Courtesy photo)
  • Commercial Real Estate
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Naples/Fort Myers

Flip out: Seagate Development appears to have flipped a Naples property bought by a Chicago medical group affiliated with Northwestern University’s medical school. According to Collier County records, the property at 1100 9th St. N. was sold to Northwestern Memorial HealthCare on March 29 for $24.5 million by a seller named PPN Naples Hotel LLC. This same LLC had bought the property the previous day, March 28, paying $17.5 million. A search of the Florida’s Division of Corporation database shows that PPN’s principal address is 9921 Interstate Commerce Dr. in Fort Myers and its manager is listed as Matthew C. Price. This address matches Seagate’s address and Price is Seagate’s CEO. Seagate announced the sale in a press release May 1 but was not specific about its role in the transaction. When questioned about that, a spokesperson for the company, in an email, says “They put together the sale.” The property is a 3.5-acre parcel in Naples that once housed the Collins Hotel. A spokesperson for Northwestern Memorial HealthCare says “we are exploring a future outpatient facility with a variety of clinical offerings” on the site.

Making a call: Global call center giant Alta Resources unveiled its new $27.6 million building at Skyplex in Fort Myers in a May 9 ceremony. The 98,000-square-foot building spans three floors and can accommodate more than 1,000 employees. The deal was made possible, in part, through a partnership and coordination with Lee County and Lee County Port Authority, according to a statement. Neenah, Wisconsin-based Alta Resources is hiring up to 400 new employees for the Fort Myers office. Construction on the building, on a 12.1-acre site Alta leased from the Port Authority, began in 2019. Skyplex is near the Interstate 75 and Daniels Parkway corridor. Alta Resources opened its Fort Myers location in 2013 and has since grown from one client and 300 seasonal employees to more than 700 full- and part-time employees.


Tampa/St. Petersburg

It’s electrifying: A suburban Baltimore automobile leasing company has bought the St. Petersburg property currently housing a Tesla operation. Admiral Leasing, based in Hunt Valley, Maryland, bought the property at 4601 34th Street N. for $26.25 million — double what Delray Beach developer Rob Truett paid for it a year ago. In an email, Louis Cohen, president of Admiral Leasing, called the purchase “a long-term investment in the Florida market.” Electric car maker Tesla has redeveloped the property in the past year as a sales and service center. “Hopefully, it will serve their purpose for many years to come, and they will remain a long-term tenant,” Cohen writes.

Mystery loves company: Three separate LLCs sharing a single Savannah, Georgia address have bought three Tampa apartment complexes, spending nearly $44.6 million. The LLCs all list 40 E. 45th St., Savannah, as the principal address and each is managed by a fourth LLC, EWA Helios Manager. As if to confuse things even more, EWA Helios is based in Tampa and its principal address is 5700 Mariner St. unit 501. That — feel free to take a deep breath here — is the same address listed as the registered agent for each of the four LLCs. The Mariner Street address belongs to a condominium building called Mariner South and, according to Hillsborough County property records, the unit is owned by a revocable trust. Now that we have that out of the way, the three complexes that sold are:

  • Arbor Flats at South Tampa at 6237 S. Manhattan Ave. It sold for $17.9 million.
  • Manhattan Flats at 4350 W. Kennedy Blvd. It sold for $16.6 million.
  • SoHo Flats at 1405 S. Lorenzo Ave. It sold for $10.8 million.


Sarasota/Manatee

Done deal: Wolfson Development Co. has finalized the $59 million sale of its Cantabria build-for-rent project in Manatee County. This happened last week, when the last unit in the 184-unit development was delivered and turned over to the the owner, a spokesperson for the developer says. Miami-based Wolfson is a major build-to-rent developer in the state with over 2,000 units in the pipeline, including projects in Fort Myers and outside  Orlando. Cantabria was built on 36-acres in Bradenton and includes 172 townhomes and 12 single-family homes. The three- and four- bedroom single family and townhouse units come with attached garages and fenced yards. As for who picked up the development, the spokesperson would only say it was an “institutional buyer.”


If you have news, notes or tips you want to pass along, contact [email protected]. Or you can text or call 727-371-6944.

 

author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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